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The financialisation debate: from transdisciplinary research program to disciplinary recognition and fragmentation

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  • Engelbert Stockhammer

Abstract

The paper discusses the historical development of the debate on financialization supported by bibliometric analysis. There are several origins of the concept of financialisation in the 1990s and in the early 2000s this consolidates in a transdisciplinary project: an attempt to create a critical conversation across academic disciplines about the impact of finance on the economy and society. This was driven by the team of CRESC by organising workshops and special issues, involving critical business studies, constructivist approaches on the household and heterodox macroeconomics. This created the basis for the success of the concept and, since the global financial crisis, enabled an explosive rise of studies on financialisation. But with success also come a fragmentation of the debate and its disintegration along disciplinary lines. Thus, research on financialization today is published in more prestigious journals, but it has decoupled from the core financialisation debate of the 2000s.

Suggested Citation

  • Engelbert Stockhammer, 2026. "The financialisation debate: from transdisciplinary research program to disciplinary recognition and fragmentation," Working Papers PKWP2608, Post Keynesian Economics Society (PKES).
    • Handle: RePEc:pke:wpaper:pkwp2608
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    File URL: https://postkeynesian.net/media/working-papers/PKWP2608.pdf
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    References listed on IDEAS

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    1. Eugenio Caverzasi & Alberto Botta & Clara Capelli, 2019. "Shadow banking and the financial side of financialisation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(4), pages 1029-1051.
    2. Levine, Ross & Zervos, Sara, 1998. "Stock Markets, Banks, and Economic Growth," American Economic Review, American Economic Association, vol. 88(3), pages 537-558, June.
    3. Engelbert Stockhammer, 2004. "Financialisation and the slowdown of accumulation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(5), pages 719-741, September.
    4. Sebastian Kohl, 2018. "More Mortgages, More Homes? The Effect of Housing Financialization on Homeownership in Historical Perspective," Politics & Society, , vol. 46(2), pages 177-203, June.
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    JEL classification:

    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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